Citigroup Goes Social with Point Sharing

Citibank (NYSE:C) credit card rewards are the new social currency. On Tuesday, the company launched a Facebook application that allows customers to team up to use their points.

The app builds on a service Citibank introduced last year that allows customers share reward points with one another on the bank’s webpage. Ralph Andretta, who heads Citibank’s loyalty programs and co-branded cards said, “Now we’re delivering it to where customers are every day.” He also added that customers would have far more flexibility with their points, whether it’s to help a friend fly home from college or team up for a big-ticket reward.

They are handing out 2,500 free rewards points to the first 4,000 customers to sign up. Customers download the ThankYou Point Sharing app, which is located on Citibank’s Facebook page. Then customers can begin a pool for rewards by naming a recipient and explaining its intention. The recipient of the points has complete control of any contributions and must be individuals and not an organization. The goals can be shared with links on their Facebook pages or privately inviting other Citbank customers to donate.

The program is not only for credit card holders it is for Citibank checking customers too.

In light of the news, here’s how Citigroup and some of the big banks reacted to the news today:

Citigroup, Inc. (NYSE:C): C shares recently traded at $28.33, up $2.02, or 7.68%. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 58,111,719 shares versus a 3-month average volume of 58,115,100 shares. The company’s trailing P/E is 7.55, while trailing earnings are $3.75 per share.

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $5.80, up $0.24, or 4.32%. They have traded in a 52-week range of $10.91 to $17.84. Volume today was 239,827,044 shares versus a 3-month average volume of 136,033,000 shares. The company’s trailing earnings are $-0.31 per share.

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $34.98, up $1.73, or 5.2%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 43,295,017 shares versus a 3-month average volume of 43,169,200 shares. The company’s trailing P/E is 7.46, while trailing earnings are $4.69 per share.

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $28.43, up $0.87, or 3.16%. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 37,317,355 shares versus a 3-month average volume of 36,620,300 shares. The company’s trailing P/E is 10.53, while trailing earnings are $2.70 per share.

Morgan Stanley (NYSE:MS): MS shares recently traded at $16.08, up $0.95, or 6.28%. They have traded in a 52-week range of $11.58 to $31.04. Volume today was 25,763,587 shares versus a 3-month average volume of 35,661,100 shares. The company’s trailing P/E is 10.54, while trailing earnings are $1.53 per share.

American Express Company (NYSE:AXP): AXP shares recently traded at $48.39, up $1.22, or 2.59%. They have traded in a 52-week range of $41.30 to $53.80. Volume today was 6,493,575 shares versus a 3-month average volume of 7,722,530 shares. The company’s trailing P/E is 12.13, while trailing earnings are $3.99 per share.

To contact the reporter on this story: Laurie Danas at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com